Do You Like the Fiscal Cliff Deal?

The agreement reached between the White House and Congress doesn't address spending cuts and leaves another potential debt limit showdown on the table. It also increases taxes on income over $400,000. Is this a deal that works for you?

After a marathon holiday negotiation session, after grumbling by liberal senators and after a near-revolt by conservative representatives, the fiscal cliff deal was approved by the U.S. House of Representatives late Tuesday night. 

The bargain will increase taxes on income above $450,000 for families, increase capital gains taxes, permanently fix the alternative minimum tax, change the estate tax and provide some changes in deductions. It also will extend unemployment benefits, earned income tax credits and other tax breaks for the working class. The Washington Post has a cheat sheet with all of the details.

Middle class taxpayers will still see a smaller paycheck in 2013; The payroll tax cut was not preserved as part of the fiscal cliff deal. That tax specifically pays into social security. If you make $50,000 a year, the payroll tax increase will cost you about $1,000. That has some liberal economists upset with the deal.

What do you think? Did the president give away the store by moving the top bracket tax increase from $250,000 to $450,000? Did House Republicans lose out by pushing spending cuts down the road by two months? Or is the sort of compromise you were waiting for? Tell us your thoughts in the comments section below.

saul glick January 02, 2013 at 04:57 PM
If you make $50,000 a year, the payroll tax increase will cost you about $1,000. That has some liberal economists upset with the deal. Great deal..Wait until you see your pay.
BD January 02, 2013 at 11:20 PM
No, it is only a partial plan. There is no plan for reducing the deficit.
Paul January 03, 2013 at 07:14 PM
Not a penny of spending reduction. As USUAL the President and Congress , ALL of them, have protected their elite buddies when it comes to taxes and HOSED the middle class. Those paying "income tax" vs. those paying "investment taxes" .... now both are legal and laws voted on by Congress and approved by President Obama (can't blame Bush now that he signed the law). Obama loves to drip hate about the 1% but he didnt' take much at all away. The dividend and cap gains rate went from 15% to 20 plus 3.8%. In the end, very little changed. We now have the CLINTON ERA income tax rates back. What is needed is the CLINTON ERA spending levels as a % of GDP!!! The liberals can wallow in their hate of the productive class and the conservatives can wallow in their misguided "protection" of the productive class ....but, behind that Kabuki ACT is STATUS QUO.... what a shame that the moron-class, like the ones we all saw in high school running for "office" are the ones who go to DC and do the same childish, elitist crap to THE REST OF US.
saul glick January 03, 2013 at 07:46 PM
Wait until Obamacare, next January 1 starts. You will all have part time jobs.


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